NEW PENALTIES FOR CRYPTO CRIMES IN TURKEY: What You Should Be Careful About
The new Cryptocurrency law in Turkey, when passed, is going to bring important changes, starting with the amendment of the Law on Capital Markets numbered 6362. This legal notice discusses the most important conclusions that can be drawn from the leaked draft Turkish crypto law.
Penalties for Illegal Crypto Exchanges in Turkey
The draft Turkish crypto law introduces strict penalties for individuals and entities engaging in unauthorized crypto asset services. According to the draft bill, those found operating as crypto asset service providers without permission could face imprisonment ranging from three to five years, along with hefty fines ranging from five thousand to ten thousand days.
Penalties for Crypto Market Manipulation
Under the upcoming new Cryptocurrency law in Turkey, Market manipulation in the crypto sector will also be treated the same as stock manipulation and be subject to the same penalties.
Legal Protection Against Cyber Attacks and Crypto Wallet Hacks
The legislation holds crypto service providers accountable for damages resulting from cyber attacks, technical failures, operational errors, and employee misconduct. If a service provider is unable to cover these damages, or if it is clear that they cannot, individual members of the provider may be held personally liable for their shortcomings.
Filing Lawsuits Against Crypto Exchange Platforms
Victims of crypto scams in Turkey have legal recourse to file lawsuits against crypto exchange platforms. The law allows for the recovery of damages suffered by both the service provider and its customers, ensuring accountability and justice.
Penalty for Embezzlement of Customers’ Crypto Assets and Funds
The upcoming new Cryptocurrency law in Turkey imposes strict penalties on individuals involved in the misappropriation of customers’ crypto assets and funds. Board members and other employees of the service provider found guilty of crypto embezzlement in Turkey could face imprisonment ranging from six to twelve years, in addition to being ordered to compensate the customers for their financial losses.
Penalties for Crypto Scams and Crypto Fraud in Turkey
Crypto scams in Turkey will be met with severe penalties, including imprisonment and fines. Individuals found guilty of fraudulent activities related to crypto assets could face imprisonment for up to twelve to eighteen years, along with fines not less than three times the damages suffered by the victims.
Can I Sue a Crypto Scammer?
Turkey blockchain lawyer Baris Erkan Celebi and his blockchain law firm in Turkey offer legal representation in lawsuits and criminal complaints against crypto scammers and fraudsters. Under the upcoming new Cryptocurrency law in Turkey, the victims of crypto fraud in Turkey will have the right to recourse against the crypto exchange platforms if they are found negligent.
- Author Av. Baris Erkan Celebi
- Barış Erkan Çelebi Founder of Turkish Law Firm
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